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Highlights
- Elrond (EGLD) crypto is a Binance Smart Chart protocol that offers fast transaction options using the sharding technique.
- On Thursday, the EGLD was rallying by 12.79% and was seeing a volume gain of 69.33% at 12:30 PM (GMT+1), according to CoinMarketCap.
- On 16 June, the EGLD token was the top gainers among the top 100 cryptocurrencies, according to CoinMarketCap.
Elrond (EGLD) crypto is a Binance Smart Chart protocol that offers fast transaction solutions using the sharding technique. Founded in 2019, the EGLD token is set to execute 15,000 transactions per second at a mere cost of US$0.001.
The Elrond crypto projects itself as a blockchain for the new internet. Being scalable in nature, it seeks to build an ecosystem that establishes EGLD crypto as a store-of-value asset. Operating on the Secure Proof-of-stake (SPoS) consensus, the transaction details can be relayed to multiple participants who are playing multiple roles at each level during the entire process.
Related read: Why does ECB want to cap the digital euro at 1.5T tokens?
On 16 June, the EGLD token was the top gainers among the top 100 cryptocurrencies, according to CoinMarketCap. The EGLD was rallying by 16.62% and a volume gain as well of 80.61% at 12:30 AM (GMT +1).
Why is EGLD crypto rallying?
The EGLD token has been rallying on the back of its Kraken listing, which happened on 16 June. The listing comes at an ideal time considering the positive sentiment created by the US Federal Reserve’s decision to raise interest rates by 75 basis points.
The Kraken will open up trading facilities in EGLD/USD and EGLD/EUR pairs on 16 June from 14:30 UTC.
Besides, ICI Bucharest (ICI) announced on Tuesday that they would be building an institutional NFT marketplace and a decentralised DNS on the Elrond blockchain.
Related read: Is KNC crypto’s rally here to stay?
Price and performance
The EGLD token has been trading at US$51.26 with a trading volume of US$15,94,98,104, as per CoinMarketCap. The 41-ranked token was enjoying a live market cap of US$1,14,92,18,203 with 2,24,18,899 EGLD coins in circulation.
After weeks of its bearish phase and seeing losses of over 45%, the EGLD token, at last, saw a much-awaited rally, which has come as a welcome relief to the investors.
But investors should be mindful that the crypto market has been volatile since the beginning of 2022. The prices of all crypto have been fluctuating on a daily basis. Hence, it’s important that investors do their homework and then take investment decisions accordingly.
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